Spanish bank SCH posts record profit
AFP, February, 2006
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MADRID (AFP) — Santander Central Hispano (SCH), the biggest eurozone bank, posted a net profit of 6.22 billion euros (7.4 billion dollars) for 2005, a leap of 72 percent from the previous year and a record for a Spanish company.
Bolstering the results were 2.22 billion euros from the sale of stakes in electricity group Union Fenosa, the Royal Bank of Scotland and telecoms firm Auna.
Without the exceptional items, net profit rose by 45 percent to 5.21 billion euros.
SCH became the eurozone's largest bank in terms of market capitalization in 2004 with its acquisition of the British lender Abbey National.
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On Wednesday, the Spanish bank said that its spectacular showing, in line with market forecasts, was driven by Abbey National results and a strong performance in Latin America.
Chairman Emilio Botin said the bank "must take advantage of opportunities to strengthen its competitive ...
